After nearly a year of COVID-19 changing our lives, there’s confirmation that these changes are impacting our lifestyle. Home designs of the recent past are becoming inadequate for many. Homeowners thinking about updates or improvements should take into consideration what today’s buyers value.
Annually, the National Association of Realtors releases research findings in its Profile of Home Buyers and Sellers. One of the emerging trends is the increased interest in multi-generational homes. Job loss or job insecurity due to the COVID-19 outbreak and business interruption is causing some families to join together to save on expenses. There is a growing desire to care for aging parents at home. Many retirees are moving in with their children to help care for grandchildren. These needs create a desire for larger homes with multiple living spaces.
The “McMansion” is on its way back in popularity vs. the abundance of homes with open floor plans. There is more need for dedicated space for home office, school activities and hobbies. And as we’re all eating out less and cooking at home more, larger kitchens and pantries are desired.
There is a movement from urban areas to more rural locations that offer opportunities to enjoy nature and outdoor activities. With remote work, people are finding they can live where they choose rather than having to live close to their work. Good internet service is vital.
A recent article in Realtor Magazine explains that, as people are spending more time in their homes, they have increased their spending on home improvements. According to a study by HomeAdvisors, people are finding that their home isn’t meeting their changing needs. “Since the pandemic, 27% of the homeowners surveyed say they have more outdoor living needs; 40% desire more home entertaining; 50% are evaluating projects so they can better work from home; and 70% are doing more home cooking and looking at kitchen updates.”
Interestingly, the purchase of second homes is on the rise. See my recent blog about a boom in second home construction.
Whether you are considering selling your home or making updates to accommodate a changing lifestyle, knowing buyer trends can help you make wise decisions about one of your largest assets.